TORONTO--(BUSINESS WIRE)--
Aldridge Minerals Inc. (TSX-V: AGM) (“Aldridge” or the “Company”)
provided a corporate update and announced today the filing of its
audited consolidated financial statements as at and for the three and
twelve months ended December 31, 2017 (the “YE Financials”), and the
Management’s Discussion & Analysis related thereto (the “YE MD&A”),
which are available on SEDAR and at www.aldridgeminerals.ca.
All dollar amounts, unless otherwise indicated, are reported in U.S.
dollars.

HighlightsCapital
markets for the mining sector continued to be very difficult in 2017 and
this has impacted financing efforts for Aldridge. Aldridge was however
able to progress the project development and the Company successfully
completed the challenging land acquisition process involving over 670
property owners. Additionally, the Company benefitted from the continued
support of its major shareholder with a common share private placement
of US$5 million that allowed the completion of the land acquisition
process. The improved metal prices in 2017 have also reflected
positively on the financial metrics of the project.

“I am very pleased to have completed the land acquisition process that
has been our main focus during the last couple of years. Only two
parcels that correspond to 0.5% of our fence line are waiting to be
converted from meadow land to treasury land to allow the Company access
to these parcels. We continue to focus our efforts on financing and
possible strategic options for short and long term” commented Han Ilhan,
President and CEO.

Land Access

As of April 25, 2018, 9,447,311 m2, or 99.5% (December 31,
2017, 9,319,914 m2 or 98.2% ) of the Yenipazar Project area
is either owned by the Company or is treasury land, which is available
to the Company pursuant to its mining licenses.

The application to convert the remaining 48,338 m2 of
pasture land (0.5% of the project area) to treasury land awaits
government approval. The Company continues to work with the applicable
government departments to advance the application approval process.

Board Changes

On December 12, 2017, Mr. Jeremy South and Mr. Gage Jull were
appointed as independent directors of the Company’s board of directors
(the “Board”), and on January 19, 2018 Mr. South was appointed
Chairman of the Board. These appointments fill the vacancies resulting
from the November 16, 2017 resignations of Mr. Barry Hildred and Mr.
Ed Guimaraes.

Working Capital Deficit

At December 31, 2017, the Company’s working capital deficit (non-GAAP
measure equal to current assets less current liabilities) was
approximately $44,959,518, primarily due to amounts owing under the
Company’s term credit facility (the “BKT Credit Facility”) maintained
with Banka Kombetare Tregtare sh.a. (“BKT”), which matures on the
September 16, 2018 ($37,046,317), and the due dates of deferred land
payments (the “Deferred Land Payments”) owing by the Company
($10,188,778).

Cash and cash equivalents totaled $2,551,079 at December 31, 2017 and
approximately $1,947,000 at March 31, 2018.

Financing

On June 20, 2017, the Company announced it had closed its non-brokered
$5,000,000 private placement (the “Private Placement”), which resulted
in the Company issuing an aggregate of 33,333,333 common shares
(“Common Shares”) of the Company at $0.15 (or approximately CAD$0.20)
per Common Share for aggregate gross proceeds of $5,000,000 to Mr.
Ahmet Taçyildiz, the Chairman and controlling shareholder of ANT
Holding Anonim Sti. (“ANT”) and a director of the Company.

The Company understands that, following the closing of the Private
Placement, ANT and its wholly-owned subsidiaries, together with Mr.
Taçyildiz (“ANT/Taçyildiz”), owned, or exercised control or direction
over, a total of 66,617,442 Common Shares or approximately 47.4% of
the outstanding Common Shares. Based on publicly available
information, the Company also understands that, on August 23, 2017,
Mr. Taçyildiz disposed of 16,000,000 Common Shares, or approximately
11.4% of the outstanding Common Shares, to MYA Gayrimenkul ve Insaat
Tic. A.S., lowering the holdings of ANT/ Taçyildiz to approximately
36.0% of the outstanding Common Shares.

Aldridge is using the net proceeds of the Private Placement to fund
the completion of the Yenipazar Project land acquisition process,
progress project development and for general corporate purposes.

The Company’s short-term focus is on obtaining additional financing to
fund the Deferred Land Payments and for general corporate purposes,
extending the maturity date of, or refinancing, the BKT Credit Facility,
and/or completing a strategic transaction to address its near-term
liquidity challenge and to maximize value for Aldridge shareholders.

The Board has taken measures to reduce the Company’s operating expenses
and has initiated a process to address its liquidity challenges and
explore and evaluate strategic alternatives available to the Company.
The Company does not intend to periodically or otherwise disclose
developments with respect to the strategic alternatives review process
unless the Board has approved a specific transaction or action plan,
except as required by applicable law.

The Board has formed a special committee (the “Special Committee”) of
independent and disinterested directors to facilitate and lead the
liquidity and strategic alternatives review.

The Board cautions the Company's shareholders and others considering
trading in the Company's securities that there can be no assurance that
the strategic alternatives review will result in a transaction or, if a
transaction is undertaken, as to its terms or timing or that it will be
consummated. In particular, the Company estimates, that, without
additional financing, its present cash resources will be depleted by the
maturity date of the BKT Credit Facility in September 2018. The Company
does not currently have any source of capital other than additional debt
or potential equity financings and there can be no assurance that any
such financing will be available, or that the Company will be successful
in re-financing the indebtedness owing under, or extending the maturity
date of, the BKT Credit Facility, on acceptable terms or at all. The
Company’s obligations under the BKT Credit Facility are secured by
conventional security, including a pledge of all of the shares of the
Company’s subsidiary in Turkey that owns or has the right to use the
land on which the Company’s Yenipazar Project is located and a mortgage
of the subsidiary’s mining licenses for the Yenipazar Project.

Selected Financial Information

The following table provides selected consolidated financial information
in USD for the previous three fiscal years.

YEAR ENDED

YEAR ENDED

YEAR ENDED

AND AS AT

AND AS AT

AND AS AT

DECEMBER 31,

DECEMBER 31,

DECEMBER 31,

2017

2016

2015

Loss before income tax and

discontinued operations

$

(2,308,415)

$

(4,418,102)

$

(5,279,998)

Net loss

(2,308,415)

(4,418,102)

(5,279,998)

Net loss per share

(0.02)

(0.04)

(0.05)

Cash and cash equivalents

2,551,079

4,289,055

8,520,566

Working capital(i)

(45,107,450)

4,132,470

(10,005,830)

Total assets

59,235,081

51,138,630

30,814,033

Total non-current liabilities(ii)

1,112,873

42,577,599

126,974

(i) Working capital equals current assets less current liabilities, and
is a non-GAAP measure used by management.(ii) Total non-current
liabilities exclude deferred revenue and environmental rehabilitation
provision

About AldridgeAldridge is a
development-stage mining company focused on its wholly owned and
permitted Yenipazar polymetallic VMS Project (Gold, Silver, Copper,
Lead, and Zinc) in Turkey. Aldridge completed the Yenipazar Optimization
Study and filed the related NI 43-101 compliant technical report in May
2014, which updated the original May 2013 Feasibility Study. The
Optimization Study demonstrated that the Yenipazar Project is highly
robust with an after-tax NPV of US$330 million at a 7% discount rate and
an after-tax IRR of approximately 32%. The Company is currently
advancing the Yenipazar Project on key aspects including land
acquisition and financing.

Caution Regarding Forward-Looking InformationThis
news release includes certain forward-looking statements within the
meaning of Canadian securities laws. Forward-looking statements involve
risks, uncertainties and other factors that could cause actual results,
performance, prospects and opportunities to differ materially from those
expressed in such forward-looking statements. When used in this press
release, words such as “proposed”, “may”, “would”, “could”, “will”,
“expect”, “anticipate”, “estimate”, “believe”, “intend”, “plan”, and
other similar expressions are intended to identify forward-looking
statements. Such risks, uncertainties and factors, include, but are not
limited to, the ability of the Company to raise additional debt, equity
or other financing on acceptable terms or at all; the ability of the
Company to pay its outstanding debts when due, including its secured
term credit facility, which matures on September 16, 2018; the risk that
the Company’s failure to raise additional capital, re-finance its
existing secured indebtedness and satisfy the Company’s obligations to
its creditors when due will have a material adverse effect on the
Company’s liquidity, capital resources, results of operations, assets,
properties and prospects, and its ability to retain control of, and
otherwise advance the development of, its Yenipazar Project in Turkey,
including as a result of the possible acceleration of the Company’s
secured indebtedness upon maturity and the exercise by the Company’s
lenders of remedies under security granted by the Company for its
obligations under that indebtedness; economic performance; mineral
prices; the future plans and objectives of the Company; and the other
factors discussed under the heading “Risk Factors” in the Company’s
Management’s Discussion and Analysis for the year ended December 31,
2017 and in other continuous disclosure filings made by the Company with
Canadian securities regulatory authorities and available at www.sedar.com.
Any number of important factors could cause actual results to differ
materially from these forward-looking statements as well as future
results.

Forward-looking information is based on a number of factors and
assumptions which have been used to develop such information but which
may prove to be incorrect, including, but not limited to, assumptions in
connection with the continuance of Aldridge and its subsidiaries as a
going concern, general economic, political and market conditions,
mineral prices, and the accuracy of mineral resource estimates. Although
Aldridge believes that the assumptions and factors used in making the
forward-looking statements are reasonable, undue reliance should not be
placed on these statements, which only apply as of the date of this news
release, and no assurance can be given that such events will occur in
the disclosed time frames or at all. Aldridge disclaims any intention or
obligation to update or revise any forward-looking statement, whether as
a result of new information, future events or otherwise unless required
by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this news release.